OCR preview: Westpac, ANZ say persistent inflation means more of the same from the Reserve Bank

Westpac is predicting no change to the Official Cash Rate (OCR) when the Reserve Bank announces its May decision next week. It blames persistent inflation from stopping the popping of champagne corks to celebrate a rate cut. In fact, the bank doesn't see any significant change in the RBNZ's OCR projections, with any easing looking like "a 2025 affair". A quarterly economic report from ANZ bank economists also predicts a cut won't happen until May, 2025. "Key drivers of economic …